Middle East will be the third largest region in the world with an additional capacity of 325 mbd by 2024, according to data and analytics company GlobalData
Kuwait, Bahrain and Oman will be the top three contributors in the region with a combined capacity of 270 mbd by 2024, the company added.
The company’s report, ‘Global Refinery Hydrocracking Units Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Hydrocracking Units’, reveals that the global hydrocracking units’ capacity is expected to increase by 2.4 mmbd, from 11.3 mmbd in 2019 to about 13.7 mmbd in 2024. Out of the total global capacity additions, 1.6 mmbd is likely to come from the expansion of active projects while the remaining 0.8 mmbd is expected to come from new-build planned and announced projects.
Asia is expected to lead the global refinery hydrocracking units’ capacity growth, contributing about 49 per cent of the total global capacity growth by 2024. The region is likely to add 1.2 million barrels per day (mmbd) of hydrocracking units capacity by 2024.
Adithya Rekha, oil and gas analyst at GlobalData, commented, “Out of the Asia’s total hydrocracking units capacity additions of 1.2 mmbd by 2024, 0.4 mmbd is likely to come from active expansion projects and new-build projects are expected to contribute the rest 0.8 mmbd by 2024. In the region, China, India and Thailand account for most of the capacity additions with a combined total of 1.1 mmbd by 2024.”
GlobalData expects Former Soviet Union (FSU) to occupy the second place in terms of hydrocracking unit capacity additions by 2024. The region is expected to contribute about 22 per cent of the global hydrocracking units’ capacity growth, with total capacity additions of 540 mbd by 2024. In the FSU, Russia accounts for most of the capacity additions with 480 mbd.
